Thread 3: "Anyone not being picky - and STILL can't find anything?"

[RidingMyBike]

Thread 3 ready to go.
Link to thread 2:
www.mumsnet.com/Talk/property/4450168-Thread-2-Anyone-not-being-picky-and-STILL-cant-find-anything?pg=1

@Paddingtonthebear I was just mulling over a similar thing. After all this time we have had an offer accepted - but a house we knew was due to come to
market but never did is now available. Bank has just booked in a valuation, so tempted to go and look at this other property. But if we did love it and got it, I feel like I would be a back person for pulling out on the offer we have just had accepted...

I should have stopped looking at things straight away - but checking the portal has just become a way of life now.

I'd like to think that for whatever reason, you weren't meant to have the other house though and you've ended up with the one you were supposed to make your home. At least that's why I'm trying to tell myself about this one we have now...

The way I see it is that it’s a business transaction and anyone can pull out of the sale at any point until exchange. Better to pull out in the early stages though and not further down the line. If you are spending all this money you need to make the right decision so no harm seeing another property if you think it’s better for your family.

@Paddingtonthebear Yeah, put like that I totally agree. And considering the eye watering amount (for us) that we are spending, it's not a decision to make lightly/with big doubts.

We're going to to and take a look this weekend...que sera sera and all that

Good luck!

Hey all, Still here....My chain is now complete, but my vendors purchasing probate....and I am concerned about how long it could take. I know "minimum" is 8 weeks, but could be years and years, and I will probably need my own probate by then!
But seriously, it's either a long chain, or probate, dunno which is worse. Probate application in, so awaiting grant. In the meantime we are doing the enquiries, should get searches back soon. EVERYONE is aware of my mortgage expiry date and I keep reiterating this like a parrot.
I am also in a slightly unusual situation, in that my surveyor has valued the property about £20k less than the Lender. My offer was £4k more than the Lender's Valuation (I have another thread about this saga). I am not going to ask for a price reduction on the basis that the surveyor is not comparing "like for like" properties (he sent me a list with links), in particular, the quality of the internal spaces and finish.
However, I have decided that if the probate saga rolls on, and I need to apply for another mortgage in a few months (at a higher rate), I have the surveyors valuation in my back pocket, because there is defo a slight shift in prices, i.e. we can complete at this elevated price which I am happy to do right now, or we renegotiate because it is taking a long time.
Of course, at that point they may tell me to get lost, or they may break the chain, ha ha! Who knows, I do hate this.

I thought everything was going so smoothly in the background after having the survey done but I turns out nothing has been going on 😔
There is only two of us in the chain but we haven't had any paperwork from sellers since 11 May. Divorced couple and he hasn't/?won't sign paperwork.
Waiting for a call but don't know whether to just start looking again and not think about the money we've already spent 😡

We have completed!

It was rather an anti-climax. After all the changing dates and not wanting to exchange/complete in May because he didn't have enough time to pack, the vendor left packing until the very last minute anyway and was still there with skip on the drive after we'd completed. Ended up getting the keys 3.5 hours late (good thing we weren't actually moving in that day!) and got in to find vendor had basically given up and left a lot of stuff still there.
So the solicitors went back and forth and he's now agreed to pay for a house clearance company to come and clear it (why couldn't he have done this in May?!).

Congrats!!

It’s looking like the property we are buying does not have building regs for a large extension that forms a significant part of the house. Waiting to hear what happens next 😵‍💫

I've had an offer accepted but a slightly bigger house, closer to town, has come on for only a little more than I'm paying. I've asked for a viewing so we shall see. I prefer the look of the house I'm buying but the location of this one (and the extra bedroom) is a big draw. I imagine it will go to best and final offers though.

Well, we have had to withdraw our offer so back to the drawing board for us 🥴

Oh no! @Paddingtonthebear - because of the building regs issue?

Yes, it feels like the house isn’t worth what we think knowing this info and it transpires if no regs then the owner of the property can be subject to enforcement action at any time, there is no legal limit on the time period. Massively unlikely, but still a risk and the doubts well and truly kicked in for us

Oh no - and presumably not something you can cover with insurance @Paddingtonthebear ?

Tbh, I get it though - we had an issue re no building regs for the removal of chimney breasts when we bought our current house. Got the seller to get insurance for that. But if it was an issue of a massive extension, which presumably the council could (in theory) make you pull down one day, I wouldn't chance it. Plus, would make it a hard property to sell if you ever wanted to move.

So sorry this happened...I hope you find something even better really soon

Argh, I'm so sorry to hear that @Paddingtonthebear. After all this time as well, I know it must be incredibly frustrating for you. I really hope you find something soon

I'm still on my second (potential) purchase having had the first fall through after having 7 months by an uncommitted elderly vendor. So far, it has been 4 months since my offer on this one was accepted. My vendor and their vendor are well aware that my mortgage offer expires at the end of August. There's absolutely nothing to do on my side, in fact I've already been in to my solicitor to sign the exchange paperwork and stamp duty forms, but there are complications on my vendors vendors side. I'm resigned to the resolution of those issues being completely out of my control, and what will be, will be.

Yes there is an indemnity policy but that is fairly worthless and doesn’t really tell us about the structure, or if the electrical works were done properly, or the damp proofing, insulation etc.

Oh of course - I wasn't even focused on the safety aspect. Yeah that's a definite no no. What muppets - why would they not just have gotten the approval for the work? They better plan on staying in that home a very very long time...

It’s a really old extension so not sure how this hasn’t come up in the last few house sales, but I guess previous buyers didn’t really know or just thought the indemnity was fine.

I've just withdrawn because of a survey. Has the market quietened down? 3 months ago, I struggled to get a viewing. Now agents are phoning me.

Doesn’t seem to have slowed here, a work colleague said the house next door to her went on the market on Monday and was sold by Tuesday

I'm in a good position because I'm no chain and my mortgage offer is valid until 31st December. My solicitor said they still have a backlog to clear but they aren't getting as many new instructions. Big northern city here.

Yep same here mortgage offer until December no chain. Hopefully something else will come up!

I'm glad I have a fixed rate mortgage offer. If Canada and NZ are any indication, then we can expect rate rises in August and September.

I wondered if it's the fear of interest rate rises dampening things down but perhaps not if your area is still busy.

Still busy here with very little coming on. Thought I’d be back to square one earlier this week when my valuation came back some £30k under my offer, but we’ve come to a compromise and another outstanding issue is being sorted so I feel more confident.

I did view another place this week, just in case, but on my way out of the house I spotted signs of movement in the front elevation. The rest of the house was also poorly maintained and although I really liked the house and location, I prefer the house I’m buying and it needs much less doing.

Market definitely slowing: agents are contacting me, second viewings are possible, houses are being reduced, and [some] offers are under asking. Prices seem to have stabilised.

Market definitely slowing: agents are contacting me, second viewings are possible, houses are being reduced, and [some] offers are under asking. Prices seem to have stabilised.

It's amazing how quickly it's changed. 3 months ago I was begging to be let into an open day, now I can view at a time that's convenient for me.

Not sure about offers under asking yet, as I haven't offered on anything since withdrawing from my initial purchase but I will bear that in mind, when I make an offer.